CNN Money's Maribel Aber has your top business and financial news on this Monday, April 21.
NEW YORK, NY (CNN) - CNN Money's Maribel Aber has your top business and financial news on this Monday, April 21.
In a move that threatens to upend another piece of the financial services industry, Walmart, the country's largest retailer, announced on Thursday that it would allow customers to make store-to-store money transfers within the United States at cut-rate fees. This latest offer, aimed largely at lower-income shoppers who often rely on places like check-cashing stores for simple transactions, represents another effort by the giant retailer to carve out a space in territory that once belonged exclusively to traditional banks. In this instance, competitors like longtime wire-transfer companies were the immediate target: MoneyGram's stock fell more than 17 percent on the news; Western Union's went down about 5 percent.
On Friday, social network and recruiting site LinkedIn announced via blog post that it had officially surpassed 300 million members, with 100 million members based in the U.S. alone. Acquiring roughly 100 million users since January 2013, the company noted that much of the growth in traffic has come from two areas: internationally and on mobile. LinkedIn stressed that it was on the verge of its "mobile moment," meaning that sometime in 2014, mobile use will actually surpass desktop traffic. Both feed directly into each other — apparently mobile accounts for more than 50 percent of LinkedIn's international traffic already. But the company conveniently side-steps any stats related to Monthly Active Users, perhaps a sign that the company is still trying to make its platform a daily destination.
Drought-stricken California farmers and cities are set to get more water as state and federal officials ease cutbacks because of recent rain and snow, officials announced Friday. The Department of Water Resources said it is increasing water allotments from the State Water Project from zero to 5 percent of what water districts have requested. The State Water Project supplies water to 29 public agencies serving more than 25 million Californians and irrigates nearly a million acres of farmland.